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The automotive alternator slip ring market size is estimated to grow by USD 111.02 million at a CAGR of 5.19% between 2023 and 2028. The market size is forecast to increase The growth of the market depends on several factors increasing demand for ICE-based vehicles, the growing demand for automobiles in emerging economies, and stringent regulations to control emissions of harmful gasses.
The report includes a comprehensive outlook on the Automotive Alternator Slip Ring Market offering forecasts for the industry segmented by Application, which comprises passenger cars and commercial vehicles. Additionally, it categorizes Types into ICE vehicles, hybrid, and electric cars and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for ICE-based vehicles is notably driving the market growth. Gasoline and diesel are petroleum-based products, and any changes in the price of crude oil directly affect the price of petroleum-based products, including gasoline and diesel. The recent decline in the price of oil had a major impact on the global economy. For economies that are largely dependent on crude oil imports, the fall in oil prices has been a boon for consumer spending and has the potential to have a major stimulating effect on the local economy.
However, the low price of crude oil will play an important role in global automotive sales as ICE-based vehicles continue to account for a significant share of major economies across the world. The rise in crude oil production by the US in recent years is expected to keep prices stable. The low price of crude oil is likely to increase the adoption of ICE-based vehicles across the world, which will drive the growth of the market during the forecast period.
The growing popularity of smart alternators is an emerging trend shaping market growth. The changing power requirements of modern vehicles are encouraging automotive OEMs to adopt smart alternators that can adjust their output based on the operating condition of vehicles. The development of smart alternators increases the scope of converting mechanical energy into electrical energy, which decreases energy consumption. For instance, smart alternators can regenerate the energy lost during braking by using an electric motor as a generator to pump energy into the battery.
Moreover, the operation of a smart alternator is controlled by an electronic control unit that automatically activates the system when the state of charge in the vehicle battery falls below a certain limit. BMW has equipped its vehicles with an intelligent alternator control (IAC) to generate sufficient electricity to power a car's onboard electronic units during braking and overrun situations. IAC also regenerates the energy wasted during braking. According to Technavio, the adoption of smart alternators in the automotive industry will continue to grow during the forecast period, which will drive the growth of the market during the forecast period.
Issues pertaining to vehicle recalls due to faulty automotive alternators are a significant challenge hindering market growth. Automotive OEMs are constantly adding more electrical features to modern vehicles, which significantly increases power consumption. The automotive industry is witnessing a trend of electrification of vehicle systems wherein all major mechanical systems are being replaced by efficient and compact electric systems. The increasing rate of vehicle electrification is accelerating the load on automotive alternators, which is increasing the breakdown failures in automotive alternators.
However, there is a high requirement for advanced alternators for the new models of cars and trucks to cope with the increased power consumption. Hence, the increasing pace of vehicle electrification is compelling automotive component manufacturers to develop advanced products without increasing the price significantly. These factors will hinder the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Alternator Slip Ring Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Asian Tool Technologies Ltd.: The company offers automotive alternator slip ring applications such as Resistor cutting machine, Rotary stage, Package machine, Laminating machine, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger cars segment is estimated to witness significant growth during the forecast period. The passenger cars segment dominates the global automotive alternator slip ring market owing to the high-volume production of passenger cars when compared to CVs. The rising demand for power supply to the increasing number of electronic systems inside passenger cars is also an important factor for the growth of this segment.
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The passenger cars were the largest segment and were valued at USD 256.90 million in 2018. Further, automotive original equipment manufacturers (OEMs) are adding new electronic features in the latest models of their vehicles to attract buyers, with the growing demand for convenience and safety by customers. The addition of optional systems such as custom audio systems increases the load on the vehicle battery. This creates a need for high-output alternators with reliable alternator slip rings to prevent battery power drain. High-output alternators increase the current sent to the vehicle battery, either at high rotations per minute or at idle. This alleviates the risk of a complete battery drain, which is driving the demand for automotive alternator slip rings in the passenger cars segment. These factors under the cars segment will drive the growth of the global automotive alternator slip ring market during the forecast period.
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APAC is estimated to contribute 65% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC constitutes one of the fastest-growing economies globally, such as China, India, Thailand, Indonesia, and South Korea. With rapid economic growth in the region, the per capita income improved significantly in 2023, which increased the purchasing power of consumers and led to high automobile sales in countries such as Indonesia and Thailand.
Furthermore, with rapid economic growth, most countries in the region have been spending on infrastructural and industrial development, which boosted the demand for commercial vehicles. The robust economic growth in countries such as China, Japan, South Korea, and India in APAC has made the region the fastest-growing and largest automotive market globally. Such factors are expected to drive the regional market growth during the forecast period.
The automotive alternator slip ring market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Automotive Alternator Slip Ring Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
Market Growth 2024-2028 |
USD 111.02 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.79 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 65% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asian Tool Technologies Ltd., AS PL Sp. z o.o., Auto Brite International, BorgWarner Inc., ELECTRAACE, Electromags Automotive Products Pvt. Ltd., Faurecia SE, Hangzhou Grand Technology Co. Ltd., Maniac Electric Motors, Mersen Corporate Services SAS, Mid Ulster Rotating Electrics Ltd., MOFLON TECHNOLOGY CO. LTD., Moog Inc., Morgan Advanced Materials Plc, Motorcar Parts of America Inc., Ningbo zhongwang auto fittings Co. Ltd., Robert Bosch GmbH, Schleifring GmbH, SENRING Electronics Co. Ltd., and United Equipment Accessories Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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